Mortgage insurance

MORTGAGE LIFE INSURANCE

The benefits of mortgage life insurance

Such insurance protects the mortgage in the event of the borrower's death. It prevents the financial worries that could arise in the event of death, and relieves the family of the deceased, who will not have to worry about repaying the mortgage.

Taking out a contract with a broker is a win-win situation

Buying a home is one of the most important investments you can make, and it's only natural to think about protecting your property effectively by taking out mortgage life insurance. Of course, it's important to be well informed before choosing the most appropriate life insurance. It's a crucial choice that can affect not only the individual, but the whole family. Taking out individual life insurance is a far better choice than group insurance, for many reasons.

There are many advantages associated with a life insurance policy, not least of which is that you become the owner of the policy and not just a tenant. Such a policy prevents any increase in the interest rate, since premiums are constant rather than variable throughout the term of the loan. What's more, such an option gives you the choice of taking out individual or group life insurance, depending on your needs and circumstances, which means you can benefit from a significant reduction in the premium you pay.

On the other hand, opting for a Secure à Vie broker means you can maintain your coverage even in the event of refinancing or a change of creditor. The protection remains valid in such cases, unlike other options offered by credit institutions. What's more, this is an opportunity not to be missed, enabling you to transform your mortgage life insurance into regular life insurance without having to undergo the health survey again. Taking out individual insurance gives the borrower the freedom to choose a beneficiary who will benefit from the insurance in the event of death, rather than the lending bank. With this option, the beneficiary can repay the loan and dispose of the remainder as he or she sees fit, or meet more urgent needs. Private life insurance is an ideal choice, as it provides benefits to cover mortgage payments in the event of serious illness or disability, for example, offering additional security for the insured and his or her family.

It's important to know that it's hardly compulsory to take out mortgage life insurance with the lender, and that it's possible to take out insurance with any other insurance company or broker. It should be emphasized that taking out an insurance policy does not mean that you automatically own the coverage. If the insurance is taken out with a banking institution, the latter will designate itself as beneficiary, and in the event of death it will pocket the insurance money, not the deceased's family. As for the health survey, it is carried out after the insured's death, rather than at the time of taking out the insurance, which is often a disadvantage.

Talk to a certified mortgage insurance expert

By turning to a professional in Quebec, the insured can obtain the best mortgage insurance offer at the most advantageous rate possible. With the support of a broker who is not tied to any financial institution, this work is carried out with complete impartiality, to defend the policyholder's interests first and foremost, and at the same time rule out any possibility of conflict of interest.

Such a professional advises his client in a pertinent and efficient manner, answering his questions concerning the choice of validity insurance, life insurance or both, as well as the coverage required according to the amount of the mortgage loan. He explains the advantages of taking out mortgage loan insurance, and lets you apply online using the quote form, saving you time and effort since the process takes no more than a minute. The speed of response is also important, and usually takes no more than 30 minutes.

By working with an expert, you can take out mortgage insurance at the most advantageous rate in Quebec. This choice comes with complete freedom to designate beneficiaries, unlike the option where the insurance is taken out with the financial institution, which designates itself as beneficiary, since it is the sole owner of the mortgage protection policy.

By entrusting your file to an experienced mortgage loan insurance broker, you are guaranteed optimum protection at very favorable terms. It's also a way for you to become the owner of your insurance policy, rather than a mere tenant of the mortgage lender. By owning the policy, the insured is free to designate his or her beneficiaries as he or she sees fit. Nor should we overlook the fact that such a choice can result in substantial savings of up to thousands of dollars over the entire amortization period of the loan.

It's essential to work with an advisor who is registered and licensed by the Autorité des marchés financiers du Québec. It goes without saying that it's more reassuring to work with confirmed and reliable experts. What's more, with the help of an independent broker, you'll be able to take out a mortgage loan insurance policy at the best possible price.

Simply request a quote online and you'll get a prompt response within 30 minutes during business hours. Typically, such a broker is available throughout the week until 8 p.m. and at weekends until 3 p.m. A godsend to be able to count on an ally with such availability.

Before deciding on mortgage insurance, it's a good idea to find out all the details well in advance, so that you can make an informed final decision.

In fact, the first thing to understand is that the lending institution cannot be the owner or beneficiary of a private insurance policy, since only the insured is the owner in this case, and he can freely designate his beneficiaries. What's more, if you wish to change lenders, you can do so without having to worry about insurability, as long as the insurance policy is not linked to the mortgage you have taken out. It should be noted that fixed life insurance that does not decrease with the mortgage balance is more affordable.
A distinction must be made between life insurance and disability insurance, since the latter covers mortgage payments, lines of credit, credit cards and car loans. In short, it applies to all loans taken out.

You don't need to take out life and disability insurance at the same time; you can simply choose between the two according to your needs and expectations. The flexibility of disability insurance means greater peace of mind. If the insured has salary insurance, he or she can take out insurance for a modest amount to cover debts. As for the medical check-up, this is carried out at the time the insurance is taken out, so there's no need to worry about it in the event of a claim.

Taking out insurance with your creditor has an impact on the health survey required when making a claim, which can have an undeniable impact on the amount of the claim.

To make the best possible choices, all you have to do is contact a mortgage loan insurance advisor to contract the coverage that corresponds to your exact needs. An independent broker is undoubtedly the best choice, as they are not tied to financial institutions and use premium comparators to help their clients find the best possible coverage.